Full details of the agreement will be announced by the Premier League later on Thursday, but Gold said that the proposals for controls had received the backing of the majority of top-flight chairmen.

He said: "We have all voted and it was overwhelmingly supported, not by all the clubs – some are a little concerned – but the vast majority of the clubs voted in favour."

The proposals, worked up at successive meetings of the 20 clubs, are intended to ensure the new £3bn domestic TV deal does not translate directly into increased wages.

There were two proposals on the table, one based on Uefa's financial fair play break-even rules and the other designed to curb wage inflation.

Speaking before the meeting, the Chelsea chief executive, Ron Gourlay, said it would be "illogical" for the clubs not to take action. "We have geared ourselves up for the financial regulatory structure now in place in Europe and would like to think that we could develop an appropriate set of financial stability regulations to apply to all Premier League clubs," he said.

"Everyone at the club is working hard to comply with the rules and we will participate positively in the Premier League's forthcoming meetings."